Meme Coins Experience Volatility as Market Declines – BitRss

As the cryptocurrency market experiences a general downturn, meme coins have witnessed sudden fluctuations. The volatility observed in leading tokens like DOGE ($0.26), SHIB ($0.00), PEPE ($0.00), and FLOKI has created unease among market participants. Data related to futures trading indicates possible further declines in the prices of these assets.

Drop in Open Positions

According to analysis reports, there has been a sharp decrease in the value of open positions in the futures market. The 7-day moving average for DOGE has fallen from $3.58 billion to $1.49 billion, while tokens like PEPE, BONK, and WIF ($0.61) have recorded even greater declines.

Glassnode: “We have observed a significant decline in open positions in futures trading.”

This decline in data increases the likelihood of traders exiting leveraged positions and diminishes market confidence. Such conditions may lead to decreased liquidity and heightened volatility within the market. Investors are beginning to exercise caution against short-term fluctuations, especially following the Solana